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InfoGROUP board removes Gupta as chairman

Published on July 23, 2008.

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Omaha, Neb.—After the completion of an independent review, the board of infoGroup has removed Vin Gupta as chairman of the database giant, citing excessive expense reimbursements and corporate spending. Gupta, who remains CEO of the database giant, has orally agreed to pay the company a settlement of $9 million.

Bill L. Fairfield, chairman of DreamField Partners and the board’s lead independent director, has assumed the chairmanship of infoGROUP.

The review was conducted by the Special Litigation Committee of the infoGROUP board. The SLC was created in response to lawsuits filed against the company and an informal investigation by the Securities and Exchange Commission.

The SLC said infoGROUP would appoint a new CFO. Current CFO Stormy Dean will remain in that position until a replacement is found.

The SLC has also asked directors George Haddix, Elliot Kaplan and Vasant Raval to resign.

The SLC’s findings and remedial actions have been submitted to the Nasdaq stock market and were filed today in a Form 8-K with the SEC.